Digital tools and channels are changing the banking game. While these innovations aren’t replacing regular bank branches, they’re forcing the retail banking space to rethink how deliver services within traditional brick-and-mortar locations. According to McKinsey, branches remain an essential part of modern banks’ operations – even in the digital age – because they fulfil an essentialRead more

According to Investopedia, Insurtech refers to the use of technology innovations designed to identify and leverage savings and promote greater efficiency across current insurance industry models. With the current belief being that the insurance industry is ripe for innovation and disruption, large insurance firms are looking at ways to offer ultra-customised policies and are usingRead more

Networks of the Future – How 5G could transform the financial services industry The first generation of mobile networks, 1G entered the market back in the 1980’s. In that time, mobile devices were cumbersome and used solely for voice communication. They were gadgets of the wealthy, usually it was only top businessmen and the like whoRead more

Tim Harader runs Portal VR, a virtual reality arcade in Seattle. When looking at the current state of the virtual reality (VR) and augmented reality (AR) market, Harader suggests we’re seeing a trend similar to that of the internet video space in the late 1990’s. Elaborating upon internet video, Tim explains that during the lateRead more

When speaking about cloud technology, security often comes up as a concern. Especially as more and more businesses move their data and applications to the cloud. According to Jay Heiser, VP and cloud security lead at Gartner, “the volume of public cloud utilisation is growing rapidly, so that inevitably leads to a greater body ofRead more

It’s becoming increasingly popular for people to conduct a large proportion of their banking activity using their mobile device. In fact, research has shown that one of the first apps people download when they get a new smartphone is their chosen bank’s mobile app. The financial services industry can use innovative fintech apps to improveRead more

For years, the dramatic growth of the fintech space has been a challenge for traditional banks. According to a survey by Blumberg Capital, a San Francisco-based venture capital firm, roughly 57% of consumers believe that traditional financial institutions will cease to exist in their current state within their lifetime. The same survey revealed that threeRead more

The final instalment in our blog series about digital transformation in banking, this week we’re focusing on going digitally native. Having already unpacked a “front end only” approach and a “wrap and digitise” strategy, we’ve showcased how banks can make cosmetics fixes without changing up any of the tech infrastructure. We’ve also unpacked how banksRead more

Last week we explained that there are several ways a bank can tackle digital transformation. According to a white paper from PwC, the first strategy entails only updating your customer facing tech – be it sprucing up your website or launching a nifty app. This proves a viable tactic for banks with limited time, andRead more

There’s no denying that modern banks and financial institutions need to be eyeing digital transformation if they want to remain relevant. But how to get there can be a bone of contention. When it comes to digital transformation, there is no silver bullet that will magically change all banks into digital experts. According to PwC,Read more